Skip to content
Banking, Business Company News

CommBank imposes a $10 deposit fee

CashWelcome.ORG < 1 mins read
Commonwealth Bank advises customers of $10 deposit fee

Commonwealth Bank is increasing deposit fees for small business customers by 330% on 1st October.

To deposit cash in their own account, business customers will pay $10, up from the current $3.

That's on top of other account fees, including transaction and monthly account keeping fees.

"A $10 fee for making a cash deposit into your own bank account looks like gouging by Australia's dominant bank," said Jason Bryce, spokesperson for the Cash Welcome campaign.

"Clearly Commonwealth Bank does not want to support businesses to use cash. Commonwealth Bank is clearly and obviously attempting to transition all its' customers to 100% cashless transactions.

"This fee is a heavy impost for the thousands of small businesses already dealing with tough economic times."

"Commonwealth Bank will profit from this fee plus all the transaction data they harvest from consumers and businesses using cashless payments."

"The majority of Australians want the right to use cash to pay for goods and services. Our banks need to support us to use our own money how we choose.," said Mr Bryce.

Key Facts:

Commonwealth Bank charging $10 to make a cash deposit.

Contact details:

Jason Bryce 0428 777 727


More from this category

  • Business Company News, Oil Mining Resources
  • 25/06/2024
  • 19:09
Jane Morgan Management

Broad Zones of Heavy Mineral Sands Discovered at Capel Project

ASX-listed Pinnacle Minerals Ltd (ASX:PIM) is excited to announce the significant discovery of broad and shallow zones of heavy mineral (HM) mineralisation at the Capel Mineral Sands Project in Western Australia. The latest infill and extension drilling, which tested historical wide-spaced drilling by Iluka, has revealed an interpreted strike length of up to three kilometers. HIGHLIGHTS: Broad and Shallow Mineralisation: Infill and extension drilling has intercepted broad and shallow zones of HM mineralisation over an interpreted trend of up to three kilometers. Assay Results: The first batch of heavy mineral assays from 26 holes has been received, with notable results…

  • Banking
  • 25/06/2024
  • 09:53
Banking Code Compliance Committee (BCCC)

Westpac Sanctioned for Serious and Systemic Breaches of the Banking Code of Practice

The Banking Code Compliance Committee (BCCC) has sanctioned Westpac Bank for serious and systemic breaches of the Banking Code of Practice (the Banking Code) after it failed to provide adequate support to customers following the closure of its branch in Tennant Creek, Northern Territory. The BCCC's investigation revealed that Westpac did not comply with its obligations under the Banking Code and the Australian Banking Association's (ABA) Branch Closure Protocol when it closed its Tennant Creek branch in September 2022. The findings show that Westpac needed to do much more to support customers to transition to other ways of banking, engage…

  • Business Company News
  • 25/06/2024
  • 07:00
CPA Australia

How to avoid scams when completing your tax return – expert tips

25 June 2024 How to avoid scams when completing your tax return – expert tips Scams are becoming more sophisticated but there are signs…

  • Contains:

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.